KPS Capital Partners Portfolio Company, Attends Healthcare, Completes Successful Recapitalization
New York, NY (March 31, 2010) -- KPS Capital Partners, LP ("KPS") announced today that its portfolio company Attends Healthcare, Inc. (“Attends”) has completed a successful recapitalization. Attends raised $98 million of new financing, including a $20 million asset-based revolving credit facility and $78 million in term loans. Proceeds of the recapitalization were used to refinance outstanding debt, to fund a $60 million cash distribution to stockholders and to fund the Company’s continued growth.
Following the recapitalization, Attends remains conservatively capitalized with the continued support of KPS, its majority shareholder, a private equity firm with over $2.6 billion of committed capital. KPS and Attends management continue to own 100% of Attends’ common stock following the recapitalization.
The asset-based revolving credit facility was provided by Wells Fargo Capital Finance, and the term loan financing was provided by Regiment Capital Special Situations Fund IV, L.P. Lincoln International acted as exclusive financial advisor to the Company and privately placed the financing.
K&L Gates LLP served as legal counsel to Attends with respect to the recapitalization.
About Attends Healthcare, Inc.
Attends Healthcare, Inc. is a leading manufacturer and distributor of a complete line of adult incontinence products for the North American marketplace that are sold primarily under the Attends® brand name. Attends Healthcare primarily serves the non-retail sectors with a focus on the acute care, long-term care, and rapidly growing home healthcare sectors. With over 300 employees, Attends is headquartered in Greenville, NC. For more information please visit www.attends.com.
About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.8 billion of assets under management (as of June 30, 2024). For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $21.6 billion, operate 245 manufacturing facilities in 26 countries, and have approximately 64,000 employees, directly and through joint ventures worldwide (as of June 30, 2024, pro forma for the recent acquisitions of Sport Group and Innomotics which closed on July 8, 2024 and October 1, 2024, respectively). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.
